Paradise Changes Name and Direction

Market Wire, December, 2004

Paradise Music & Entertainment, Inc. (OTC: PDSE) plans to change its name to Paradise Industries, Inc. The new name better reflects the broadening interests of the company.

Paradise plans to continue in the entertainment industry but will capitalize more fully on the experience of its management team. Paradise President and CEO, Mr. Kelly Hickel, has been negotiating with several businesses over the past year for acquisition and they are now pending. Hickel's team is very experienced in maximizing value from asset-based investments.

Toward that end, Paradise recently announced a Letter-of-Intent to acquire Environmental Testing Labs, Inc. (ETL) of Farmingdale, NY, which is currently an operating unit of The Tyree Organization, Ltd. (Tyree). Tyree is a 74-year-old petroleum equipment maintenance, environmental and environmental testing business -- a business that Hickel's team believes it can maximize.

The acquisition company, ETL, that is currently owned by Tyree, revenue is currently on an annual run rate of $3 million and will be marginally profitable. Tyree, ETLs current owner and principal customer, has contractually agreed to purchase ETL's services, post transaction, at a price that will deliver a net 10% net profit margin, before tax, to Paradise.

Paradise CEO, Mr. Kelly Hickel, said, "As previously announced, we have completed a financing arrangement for $5 million from our principle lender, Porter Capital. We now are arranging for an additional $10 million credit facility with an east coast-based firm. There are several transactions pending that, once completed, will add additional depth to Paradise in terms of income, profits and assets per share. Management has been seeking and negotiating to acquire several profitable, mature firms with solid balance sheets. The completion of the ETL transaction will clear the way for these future transactions. Asset-based funding provides the formula for our shareholders to maximize value without substantial dilution -- our primary goal. In addition, paradise has arranged to comply with SEC regulatory requirements in that the filings are up to date as of the intended merger.

Paradise Industries, Inc.

Paradise (PDSE) maintains an interest in the entertainment industry while seeking diverse acquisitions that can rapidly build shareholder value.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that these forward-looking statements involve uncertainties and risks that could cause actual performance and results of operations to differ materially from those anticipated by these forward-looking statements. These risks and uncertainties include issues related to the ability to: obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new production, license and sign artist agreements; and the unpredictable nature of consumer entertainment preferences; as well as other factors set forth in Paradise's most recently filed Form 10-K and Form 10-Q reports. The forward-looking statements contained herein represent the Company's judgment as of the date of this release and it cautions readers not to place undue reliance on such statements. Paradise assumes no obligation to update the statements contained in this release.

Contacts: John Lefebvre Shareholder Relations 303-457-2852 john@shareholder-relations.net